(Reuters) – Canadian e-commerce company Shopify Inc (SHOP.TO) on Wednesday posted better-than-expected quarterly earnings, helped by higher holiday sales, and forecast full-year revenue above Wall Street estimates, sending its U.S.-listed shares up about 9%.

Shopify lets small businesses sell goods and services to customers by setting up stores on its platform. Last year, it set aside over $1 billion to build fulfillment centers in the United States as it takes on larger rivals Amazon.com Inc (AMZN.O) and EBay Inc (EBAY.O).

For full year 2020, it forecast revenue in a range of $2.13 billion to $2.16 billion, above the average analysts’ average estimate of $2.11 billion according to IBES data from Refinitiv.

Shopify reported worldwide sales of over $2.9 billion between Black Friday and Cyber Monday, up about 61% from the same period in 2018.

The company posted net income of $771,000, or 1 cent per share, for the quarter ended Dec. 31, compared with net loss of $1.5 million, or 1 cent per share, a year earlier.

Excluding items, it earned 43 cents per share, beating the average estimate of 23 cents per share.

The Ottawa-based company’s total revenue jumped 47% to $505.2 million from $343.9 million a year earlier, also beating the estimate of $482.5 million.

Reporting by Ambhini Aishwarya in Bengaluru; Editing by Shinjini Ganguli

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

WeWork offloads non-core business Teem, stake in The Wing

(Reuters) – Shared workplace operator WeWork said on Wednesday it sold cloud and analytics services provider Teem to digital workplace solutions provider iOFFICE, as it offloads non-core businesses after a botched initial public offering last year. WeWork also sold a…

Asian stocks higher after Trump promise of virus aid

BEIJING — Major Asian stock markets were higher Wednesday after Wall Street rebounded on President Donald Trump’s promise of aid to get the U.S. economy through the coronavirus outbreak. Benchmarks in Shanghai, Tokyo and Hong Kong all advanced. Australia’s main…

U.S. weekly jobless claims hit two-and-a-half-year high; mid-Atlantic factory activity plunges

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits surged by the most since 2012 to a 2-1/2-year high last week, as companies in the services sectors laid off workers because of the coronavirus pandemic. The darkening economic…

Exclusive: Mexican private sector pitches $92 billion in energy investment – document

MEXICO CITY (Reuters) – Mexico’s private sector has drawn up a broad package of proposed energy investments for the government worth almost $92 billion, according to a document seen by Reuters on Wednesday, providing a potential lift to the country’s…